Defence electronics startup Tonbo Imaging India Ltd has successfully raised ₹255.36 crore from anchor investors on October 14, just one day before its public offering opens. The anchor fundraising attracted global investment giants including Goldman Sachs, BlackRock, Temasek Holdings, The Prudential Assurance Company, and Allianz Global Investors. Of the total anchor allocation of 36.48 lakh shares, the company allotted 21.05 lakh shares to 12 domestic mutual funds, with major participants including SBI Mutual Fund, HDFC AMC, ICICI Prudential AMC, Kotak Mahindra AMC, Nippon Life India Asset Management, Aditya Birla Sun Life AMC, Axis Mutual Fund, Mirae Asset, and Helios Mutual Fund. HDFC Life Insurance, Kotak Mahindra Life Insurance, Axis Max Life Insurance, and Tata AIA Life Insurance collectively acquired 2.85 lakh shares worth ₹20 crore. JM Financial and IIFL Capital Services are serving as the merchant bankers for managing the IPO.
Defence electronics startup Tonbo Imaging India Ltd will open its initial public offering on October 15, 2026, with the bidding window closing on October 19. The company has fixed a price band of ₹665-700 per share with a face value of ₹2 each. The anchor investor bidding date is October 14, one working day before the offer opens. The offer comprises entirely an offer for sale of up to 1.22 crore equity shares by promoters and existing shareholders, with no fresh issue component. Since the IPO is entirely an OFS, the company will not receive any proceeds from the issue. Investors can bid for a minimum of 21 shares and in multiples of 21 thereafter, with the minimum investment for retail investors being ₹14,700 and maximum investment of ₹1,91,100. The allotment is expected to be finalised on October 21, while shares are likely to list on BSE and NSE on October 23. JM Financial serves as the book-running lead manager, while Kfin Technologies acts as the registrar for the IPO.
Defence electronics maker Tonbo Imaging India has attracted ₹413 crore from institutional investors through secondary share transactions ahead of its ₹852 crore IPO. The transactions, executed on September 29-30, involved the transfer of shares by existing investors CEAQ Singapore and CEAQ India to a group of domestic and international institutional investors. Amansa Investments emerged as the largest buyer, acquiring 24.32 lakh shares at ₹700 per share for around ₹170.24 crore. Other major investors included Susquehanna Asia Technology Pty Ltd, Valuequest Founders Conviction LVF and 360 ONE Multi-Stage Defence and Space Fund each purchasing 5.73 lakh shares for ₹40.10 crore, while Akash Manek Bhanshali bought 5.66 lakh shares for ₹39.59 crore. The grey market premium continues to command a strong 71% premium on the morning of October 14, indicating strong investor interest ahead of the public issue launch.
As per The Economic Times, Tonbo Imaging currently maintains a confirmed order book of ₹314.2 crore as of June 30, 2026, with domestic orders accounting for ₹231.87 crore. The company's financial performance has shown mixed results, with net profit declining 30% to ₹50.9 crore from ₹72.8 crore during the period. Return on equity dropped significantly to 9.8% in FY26 from 20.2% in FY25, indicating deteriorating profitability metrics. The company's operating cash flow remained negative at ₹63.2 crore in FY26, though it showed improvement from a negative ₹136.1 crore in FY25. Defence procurement remains tender-driven with contracts often being non-recurring, creating uncertainty over future revenue streams and repeat orders.
As per Business Standard, Tonbo Imaging has deployed more than 28,000 systems across 24 countries as of June 30, 2026. The Bengaluru-based company develops and manufactures sensing, processing, communication and guidance systems for surveillance, reconnaissance, targeting and control applications. Its product portfolio includes thermal imaging cores, weapon sights, handheld thermal imaging binoculars, targeting systems, missile seekers and fire control systems, offered through its Tactical Systems and Platform Systems verticals. The company is also developing directed energy systems to counter drone swarms. Since FY24, the company has owned 100% of the intellectual property used in its products, enabling its electro-optics and infrared portfolio to remain free from US International Traffic in Arms Regulations (ITAR) restrictions. The government's Atma Nirbhar programme in defence equipment is expected to benefit the company from growing demand for advanced surveillance and battlefield technologies.
